Italy auctions 4.88 billion euros of bonds with several maturities

By @ibtimes on

The Italian Treasury auctioned as much as 4.88 billion euros of several maturities bonds, compared with the maximum target of sale worth 5 billion euros, as borrowing costs seen higher on the three-year bonds, signaling rising concerns regarding the future of the euro zone over the short-term.

Italy sold 2.89 billion euros of 2.5%, three-year bonds on an average yield of 3.89% compared with the previous of 2.76% recorded an auction earlier. Furthermore, demand for the Italian bonds declined slightly to 1.43 times the quantity offered, compared with the previous of 1.56 recorded on March 14.

Italy also auctioned 687 million euros of bonds maturing in February, 2020 on an average yield of 5.04%, while demand was 2.20 times the quantity offered.

The Bank of Italy, which manages the bond sales on behalf of the Italian government, auctioned as well 918 million euros of bonds maturing in August, 2023 on an average yield of 5.57% and a bid-to-cover ratio of 1.75 times the quantity offered.

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